Cash is going to disappear, says Bank chief; Pound coins will be replaced with state-backed digital currency, predicts deputy governor
CASH is going to disappear, a senior Bank of England official has warned, as he backed the creation of a state digital currency.
Sir Jon Cunliffe, the central bank's deputy governor, said there are already parts of London that do not accept cash at all.
His comments come as the bank is considering plans to launch its own state-backed version of a digital currency.
Speaking on a podcast, Sir Jon said the rise of online commerce and the popularity of contactless credit cards was ...